Nifty Futures analysis for 17-01-2018

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nifty future 60-min chart160118
Nifty Future 60-min Chart

Nifty future closed the gap which it formed a day before and managed to stay above its supports at 10697 and 10672 to close at 10709.55.The decline which it had yesterday appears to be corrective in the 60-min chart.The trend is still up and I will look for the buying opportunities till it closes above 10600.

The Nifty future is struck between too many support, as mentioned above and resistances at 10714,10725,10749 and the previous high of 10774 there is no good trading opportunity for today.However, if the day trader wishes to trade, buy it above 10749 with a stop loss of 10711 for the target of 10808.

The positional trader should maintain long position with the stop loss of a close below 10600 for the target of 11008.

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The author(s), or a member of their household, of this report, does not hold a financial interest in the securities of this company. The author(s) has followed “blackout periods” that prohibit analysts from trading securities of the companies they follow for 30 days before and 5 days after they issue a research report about the company, and prohibits analysts from trading against their most recent recommendations—subject to exceptions for unanticipated significant changes in the personal financial circumstances of the beneficial owner of a research analyst account. The author(s), or a member of their household, does not serve as an officer, director or advisory board member of the subject company. The author(s) does not act as a market maker/promoter/beneficiary in the subject company’s securities. The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness.

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